Mirae Asset Global Investments Co. Ltd. Acquires 7,510 Shares of Biogen Inc. (NASDAQ:BIIB)

Mirae Asset Global Investments Co. Ltd. increased its holdings in Biogen Inc. (NASDAQ:BIIB) by 21.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,705 shares of the biotechnology company’s stock after buying an additional 7,510 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Biogen were worth $8,313,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Arlington Partners LLC boosted its stake in shares of Biogen by 34.3% during the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after acquiring an additional 4,902 shares during the last quarter. Duality Advisers LP purchased a new position in Biogen during the first quarter valued at $1,290,000. Tocqueville Asset Management L.P. grew its holdings in Biogen by 924.4% during the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after purchasing an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Biogen by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after buying an additional 3,380 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after buying an additional 10,425 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Barclays cut their price objective on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. BMO Capital Markets reduced their price objective on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Mizuho decreased their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Scotiabank dropped their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Finally, Robert W. Baird decreased their price target on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $271.39.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $181.69 on Monday. The firm has a fifty day simple moving average of $195.28 and a two-hundred day simple moving average of $210.21. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $26.46 billion, a P/E ratio of 22.88, a PEG ratio of 1.87 and a beta of -0.06. Biogen Inc. has a 52 week low of $181.24 and a 52 week high of $268.30.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the firm posted $4.02 earnings per share. On average, analysts expect that Biogen Inc. will post 16.14 earnings per share for the current fiscal year.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer’s disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.